New York City is home to the largest private real estate development in U.S. history. Just last week, the $25 billion mixed-use megaproject Hudson Yard’s opened to the public. Upon completion in 2025, the newest NYC neighborhood will span a total of 28-acres once and feature residential and commercial skyscrapers, a shopping mall, a cultural center, office and retail space and even an elementary school. It’s been dubbed New York’s “future city” with its sustainable infrastructure, sleek architecture and smart, tech-focused buildings that monitor air quality and waste collection.
There are other cities across the U.S. recreating their landscapes and skylines too. Are mixed-use megaprojects the new norm?
Honolulu
The Howard Hughes Corporation is building Ward Village, a 60-acre megaproject in paradise. Visitors and residents of Wards Village can expect wellness centers, restaurants, shops and luxury condos.
Chicago
The long debated megadevelopment of Lincoln Yards by developer Sterling Bay will reconstruct 55 acres of what was industrial land featuring 14.5 million square feet of office, residential, entertainment space and more.
San Francisco
There are several megaprojects in the Golden Gate City. One of the largest ones include mixed-use megaproject Mission Rock, a development owned by the city’s baseball team, the Giants. An expected forty percent of Mission Rock’s 1,500 housing units will be affordable for lower and middle-income individuals and families. The new development will include eight acres of park space, a brewery and more infrastructures.
Los Angeles
The development of Newhall Ranch is underway. By 2035, new mixed-use development in Santa Clarita Valley will bring over 21,000 residential units to Los Angeles County. Similarly, the Skyline Ranch project is in the process of developing 250 acres of land and will be the setting for 1,200 new homes, a school and parks.
Denver
Project developer Westfield Company saw an area of downtown Denver as ripe for redevelopment. With the 14-acre mixed-used megaproject of North Wynkoop, Westfield Co. will transform the industrial area into a bustling residential, office and entertainment area. The redevelopment will attract more of the millennial workforce to the city.
If mixed-use megaprojects are the new norm, will there be a new “mega mixed-use” property type?
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